2023 (2) TMI 497

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.... Addl. CIT, DR Date of Pronouncement : 22.11.2022 ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER : This appeal filed by the assessee is against the order of Ld. CIT(A), Siliguri vide Appeal No. 50/CIT(A)/SLG/2016-17 dated 31.07.2019 passed against the assessment order by the DCIT, Circle-2, Siliguri u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the "Act") dated 29.12....

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....ts), 26.11.13 (2000 units), 02.12.2013 (1000 units), 14.03.2014 :(10000 units), 26.03.2014 (40000) and 31.03.2014 (45000 units), through a single broker named M/s Ashika Stock Broking Ltd. (member: Bombay Stock Exchange) . The rate of sale is stated to be Rs.54.90 to Rs.506.10. On further examination it is seen that the assessee has shown to have purchased 15000 nos. of shares of M/s Smartchamps I....

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.... added the same to the total income of the assessee as unexplained cash credit u/s. 68 of the Act. On appeal, Ld. CIT(A) after elaborate discussion in his order confirmed the action of AO holding the claim of LTCG of Rs.78,15,767/- as bogus. Aggrieved, assessee is in appeal before the Tribunal. 4. We find that there are large number of assessees, who have transacted with equity shares of M/s. C....